How can I get a bank account bonus?

Some banks will offer eligible new account holders a cash bonus for opening a new account with their institution. There are strings attached however. For example, you may have to deposit a minimum account within a specified period of time to earn the bonus and/or keep the account open with those funds for a minimum period of time. Most of the time the qualifying opening deposit has to be via ACH or direct deposit to be eligible for the bonus. Make sure you fully understand the terms and conditions of any bank account bonus you’re considering.

Are bank account bonuses taxable?

Yes, bank account bonuses are considered interest income, which is taxable. Even if you do not receive a 1099 form for any bonus you’ve received, it’s still your responsibility to report this interest on your taxes.

Are bank account bonuses worth it?

That depends on your circumstances. If you’re already in the market for a new bank account and an account that fits your needs offers one, there’s little reason not to go for it, just make sure you’re clear on the terms required to earn the bonus.

Should I have more than one savings account?

Whether or not you own one or more savings accounts is a personal decision. Some people may prefer to have different savings accounts for different savings goals, such as earmarking one for emergency savings and another for savings goals etc. But some may find it too cumbersome to track more than one savings account, especially if they are split between different institutions. There’s no one best choice for everyone, just the best choice for you.

Can I open multiple accounts and get the bonus at all of them?

You typically can’t open multiple accounts at the same institution and earn a bonus on all of them, but if you can meet the requirements across multiple banks, you may be able to earn bonuses with different banks.

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Personal FinanceSavings

Best savings account bonuses for May 2025

BYGlen Luke Flanagan

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